In today’s trading session, shares of HFCL Ltd experienced a significant dip of 7.84%, reaching a day low of Rs 104.05. This decline marks an 11.64% slip from the stock’s one-year high of Rs 117.75, observed in the previous session.
While the stock has exhibited an impressive gain of 86.64% from its 52-week low of Rs 55.75 on March 28 last year, technical analysts are now advising investors to contemplate profit booking at the current levels. Support for the stock is anticipated around the Rs 95 mark.
Vaishali Parekh, Vice-President of Technical Research at Prabhudas Lilladher, recommends that traders consider exiting the counter at the present levels. Ravi Singh, founder of DRS Finvest, identifies the resistance zone for HFCL at Rs 120, with support at Rs 95, suggesting profit booking as an option.
Despite trading below the 5-day, 10-day, and 20-day simple moving averages (SMAs), the stock remains above the 30-day, 50-day, 100-day, 150-day, and 200-day SMAs. The 14-day relative strength index (RSI) for the counter stands at 51.78, indicating a neutral stance.
HFCL’s stock metrics include a price-to-equity (P/E) ratio of 65.83 and a price-to-book (P/B) value of 4.71. The earnings per share (EPS) is reported at 1.71, accompanied by a return on equity (RoE) of 7.16.
HFCL, an India-based company, is primarily involved in the manufacturing of telecommunication equipment, optical fiber cables, and intelligent power systems. The company holds a prominent position in the production of optical fiber cables, optical transport, power electronics, and broadband equipment for the telecommunication industry. Additionally, HFCL is actively engaged in developing a state-of-the-art drone detection radar, which is poised to become a crucial component of modern drone detection systems.
